Banks with substantial central bank reserves are earning income from their reserve holdings in the ECB’s recent rate hiking cycle. This column uses new data from AnaCredit, a credit register harmonised across the euro area, to show that the credit supply of banks with higher reserves reacts less strongly to interest rate hikes than that […]
Canada and Google have reached a deal to keep news stories in search results and for the internet giant to pay C$100 million ($73.6 million) annually to news publishers in the country, a Canadian official said on Wednesday. The deal resolves Alphabet-owned Google’s concerns over Canada’s online news law that seeks to make large internet companies […]
Financial technology firm SoFi Technologies is set to exit the cryptocurrency business and has given its customers the option to migrate to UK-based Blockchain.com, the companies said on Wednesday. The San Francisco-based company said it was ending its crypto services on Dec. 19, and starting Wednesday, new SoFi crypto accounts cannot be opened. The crypto industry […]
Microsoft will take a non-voting, observer position on OpenAI’s board, CEO Sam Altman said in his first official missive after taking back the reins of the company on Wednesday. The observer position means Microsoft’s representative can attend OpenAI’s board meetings and access confidential information, but it does not have voting rights on matters including electing […]
Imagine a massive industry expo with the drama of a dozen simultaneous political conferences, a few flashes of impassioned protest and the occasional crowd crush to glimpse a climate celebrity. Such is the scene at the annual COP conference, this year being held Nov. 30-Dec. 12 in the Emirati city of Dubai. Staged across a cavernous […]
The role of worker and job reallocation in an economy’s response to shocks and their impact on inequality is crucial, but less attention was paid to occupational reallocation. This column explores how occupational reallocation impacts job flows and wage disparities amidst technological and economic shifts using data from 1989 to 2019. The findings show a […]
Housing is a major component of energy consumption, yet residential emissions have typically received less policy attention than emissions from industry or transportation. This column combines the results of a household survey administered across a large sample of emerging markets with cross-country data on residential emissions. It shows how relatively low-cost, technologically straightforward improvements, such […]
Sam Altman is returning as CEO of OpenAI just days after his ouster, capping frenzied discussions about the future of the startup at the center of an artificial intelligence boom. The ChatGPT maker also unveiled a new initial board with former Salesforce co-CEO Bret Taylor as chair and Larry Summers, former U.S. Treasury Secretary, and […]
Greece expects its economy to grow faster in 2024 on the back of strong projected tourist inflows, higher investment and domestic demand, the government’s 2024 final budget showed on Tuesday. The government expects economic output to rise 2.9% next year following a 2.4% expansion this year, partly with the help of European Union recovery funds. […]
OpenAI’s board of directors approached rival Anthropic’s CEO about replacing chief Sam Altman and potentially merging the two AI startups, according to two people briefed on the matter. Anthropic CEO Dario Amodei declined on both fronts, the people said. The news, reported earlier by The Information on Monday, follows various reported calls to find Altman’s […]
